Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
AEW UK REIT PLC on Thursday said profit more than doubled in the first half of its current financial year, due to a gain on the fair value of its investment properties.
The London-based real estate investment trust said pretax profit for the six months that ended September 30 was £16.6 million, more than doubling from £7.2 million last year.
This was primarily due to a £7.0 million gain from changes to the fair value of its investment properties, compared to a loss of £160,000 last year.
The firm also made £1.5 million in realised gains on its disposal of investment properties, compared to £1.7 million of gains a year prior.
Net asset value at September 30 was 109.05 pence per share, up 6.0% from 102.73p at March 31. The NAV total return for the six-month period was 10%.
AEW UK REIT declared two quarterly dividends of 2.00p per share, bring its total interim dividend 4.00p, unchanged year-on-year.
Chair Robin Archibald said: ‘Having joined the board of AEW UK REIT in the last year, I have been impressed by the historic and current performance record of the portfolio, in terms of the sustainability of income, and capital profits generated. This has been achieved against a difficult market background for UK commercial property since the company’s inception over nine years ago.’
Shares in AEW UK REIT closed 1.2% higher at 97.80 pence each in London on Thursday.
Copyright 2024 Alliance News Ltd. All Rights Reserved.